In view of promoting welfare of girl child, Government of India has come up with a scheme known as “Sukanya Samriddhi Yojana”. Under this scheme amount can be deposited by opening a Sukanya Samriddhi Account in the name of girl child.

What is the eligibility for opening Sukanya Samriddhi Account?

The account can be opened by legal guardian or parent in the name of girl child. The account can be opened at any time from birth of girl child till she attains years of age. Only one account can be opened in the name of a girl child. The legal guardian or parent can open the account for only two girl children. The third account can be opened only in case of birth of twins.

Where can Sukanya Samriddhi Account be opened?

The account can be opened in any post office or authorised branches of some commercial banks. At present the list of authorised bank is as follows:

State Bank of India

Vijaya Bank

United Bank of India

Union Bank of India

UCO Bank

Syndicate Bank

Punjab National Bank

Punjab & Sind Bank

Oriental Bank of Commerce

Indian Overseas Bank

Indian Bank

IDBI Bank

ICICI Bank

Dena Bank

Corporation Bank

Central Bank of India

Canara Bank

Bank of Maharashtra

Bank of India

Bank of Baroda

Axis Bank

Andhra Bank

Allahabad Bank

There can be addition to the above list year to year.

What are the features ofSukanya Samriddhi Account?

It offers attractive rate of interest of 8.1% calculated on yearly compounded basis.

The minimum amount to be deposit in a Financial Year is Rs. 1,000/- subject to maximum of Rs. 1,50,000/-.

The account will mature on completion of 21 years from the date of opening the account. In case the marriage of girl child takes place before the completion of such period of 21 years, then the account shall not be allowed to be operative after the date of marriage.

The deposit in the account can be made till completion of 14 years from the date of opening of account.

What are the benefits ofSukanya Samriddhi Account?

The amount deposited under Sukanya Samriddhi account is eligible for deduction under section 80C of Income Tax Act, 1961. The principal, interest and outflow are all tax free.

After attaining 18 years of age, amount can be withdrawn partially for the purpose of higher education and marriage of the account holder.

The Sukanya Samriddhi account can be transferred anywhere in India. It can be transferred from one post office to another post office, from one bank to another bank. It can be also be transferred from post office to banks.

What are the documents required for opening Sukanya Samriddhi Account?